Settlement entry

Vidhya Chandran J (CA Article) (93 Points)

26 July 2016  
advance given to supplier at the time of the institution managed by State Govt. but settlement came after the institution adopted by Central Govt. So actually no outflow of fund from New source of funds. But settlement entry must be passed in new accounts. Please mention the necessary entries for the settlement of such advance for the purpose of statutory audit closure......